Skandia's Extraordinary General Meeting cancelled

Skandia's Extraordinary General Meeting on 27 January Cancelled Skandia's Board of Directors has decided to cancel the Extraordinary General Meeting that was scheduled to take place on 27 January. The Board had called the Meeting to decide on a proposal for directed new issue of promissory notes with detachable warrants for Skandia shares in connection with a stock option programme for the company's employees. The reason for cancelling the Meeting is that certain Swedish institutional owners have notified that they need more time to consider the proposal. The Board has therefore also decided today, until further notice, to extend the various incentive programmes that applied in 1999 for Skandia group employees. At Skandia's Annual General Meeting on 5 April the Board will present a proposal to introduce a stock option programme for the group's employees. "The introduction of competitive and internationally going-rate reward and incentive programmes is becoming increasingly essential in all companies. Having adequate incentive programmes in a group with Skandia's focus is critically important for being able to retain and recruit the employees needed for continued successful development," comments Skandia's Chairman, Lars Ramqvist. "At the same time, Skandia's Board has respect for the consideration time that the Swedish institutional owners have requested. The time up until the Annual General Meeting is ample to allow this decision-making process to be completed." ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/01/25/20000125BIT00060/bit0001.doc http://www.bit.se/bitonline/2000/01/25/20000125BIT00060/bit0002.pdf